Oasis Outsourcing tightens OID on $75 million first-lien loan to 99.75

By Sara Rosenberg

New York, Aug. 8 – Oasis Outsourcing Holdings Inc. revised the original issue discount on its fungible $75 million incremental first-lien term loan due Dec. 31, 2021 to 99.75 from 99.5, according to a market source.

Pricing on the incremental term loan is still Libor plus 475 basis points with a 1% Libor floor.

RBC Capital Markets and SunTrust Robinson Humphrey Inc. are the joint bookrunners on the deal.

Proceeds will be used to fund the acquisition of a Tennessee-based Professional Employer Organization with about 600 clients representing around 14,500 worksite employees for about $33 million, and to opportunistically pay down the outstanding $60 million second-lien term loan.

Commitments for new money are due at noon ET Tuesday, the source said.

With the transaction, the company is seeking an amendment for which lenders are being offered a 12.5 bps amendment fee.

The amendment, among other things, would reset the 101 soft call protection on the first-lien loan for six months, revise the incremental allowance and permit the repayment of the second-lien term loan.

Amendment signatures are due at 5 p.m. ET on Tuesday.

Oasis Outsourcing, a Stone Point Capital owned company, is a West Palm Beach, Fla.-based provider of comprehensive and cost-effective HR outsourcing services to small- and medium-sized businesses.

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